Self-storage website StorageCafé is out with its latest study, which found that homeowners downsizing to a smaller home or condo can realize a very nice savings. Indeed, downsizing could be a “smart move” that could allow owners to move to a better location for much less money.
To find out where U.S. homeowners could save the most, the StorageCafé study analyzed the metro areas based on the difference between the value of a four-bedroom home compared to a two-bedroom home, coupled with the differences in property taxes over 10 years — plus selling and buying closing costs for the two properties. The analysis apparently didn’t include capital gains taxes that would need to be paid on the gains involving the sale of a larger home.
- The study found that homeowners in the San Diego metro area enjoyed the second largest amount of savings compared to the 20 largest metro areas in the U.S.
- The value of a four-bedroom in the county stands at more than $910,000, while a two-bedroom home is valued at around $570,000. After accounting for the differences in property taxes and closing costs, homeowners willing to downsize would end up with $264,700 in savings.
- Within the city limits of San Diego, the savings can be even greater: homeowners trading a four-bedroom home for a two-bedroom can save at least $315,000.
- When looking at three cities in the county—Carlsbad, Chula Vista and San Diego–the most advantageous move would be from a four-bedroom home in Carlsbad to a two-bedroom in Chula Vista, a possible $760,000 in savings.
- The least savings resulted when downsizing from a four-bedroom home in San Diego to a two-bedroom one in Carlsbad – a mere $250,000.
And what about other areas?
- The St. Louis metro area apparently has the widest gap between a four-bedroom and a two-bedroom home –141% – while Phoenix has the smallest at 43%.
- Homeowners in the Bay Area have the potential for the biggest savings at around $400K–by downsizing from four-bedroom to a two-bedroom digs. There the average four-bedroom home is valued at around $1.6 million these days.
StorageCafé is a unit Yardi, which develops property management software for the real estate industry.
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New York City-based Prevu recently announced its expansion into San Diego following recent entry into the Los Angeles and Orange County markets earlier this year.
A company news release says it’s new digital-based platform “empowers” consumers to search listings and collaborate with experienced agents to find a home in the face of rapidly increasing prices.
This company also claims it has generated an average savings of $23,000 per transaction in other areas it serves since the platform’s launch in 2017.
“Prevu is not only saving buyers time, money and frustration, we’ve created a digital platform that elevates the entire experience of purchasing a home by putting more power in the hands of consumers while providing experienced agents to guide them through the process,” said CEO and co-founder Thomas Kutzman in a news release.
The platform’s website says buyers can save up to 2% of the 3% typical sales commission through a rebate, which can amount to as much as $30,000 on the sale of a million-dollar home.
The site also says it uses “experienced” local agents to guide buyers “along the most-complicated last mile of the transaction from the offer through the closing.”
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Malarky says the idea for his sycophantic product resulted after he began teaching cooking classes online during the COVID-19 pandemic and realized his students were “clueless” when deciding which oil should be used during the various steps of cooking up a meal.
The oil trio includes one for cooking in high heat, onefor making salad dressings and baking and one for adding a bit of flavor after the meal has been cooked and ready to serve.
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San Diego resident Mandi Graziano, an industry veteran versed in promoting group sales, hospitality and tourism to the San Diego region, has a new book out, “Sales Tales,” which offers advice on how to attract visitors (especially business conventions) to the region.
Her ideas range from cutting the length of hotel contracts by more than half, to doubling the hiring of sales staff.
Click here to find out how she pivoted one big meeting here in San Diego during the pandemic:
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Episcopal Community Services, which provided early childhood education and other critical services to children and adults across San Diego, and Tootris, a first-of-its-kind platform that provides on-demand Child Care, said they are teaming up to offer early childhood education via Head Start preschools.
ECS has 17 Head Start sites in the South Bay and each location will be listed on the Tootris platform, allowing parents to find spots for preschoolers–even temporary or drop-in slots.
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Finally, some North County News … The Oceanside Chamber of Commerce celebrates its 125th birthday when it holds its annual Meet the City of Oceanside reception Sept. 30 at the El Corazon Aquatics Center on Senior Center Drive.
The event offers chamber members and guests the opportunity to connect with local elected officials, staff members as well as other businesses and community leaders.
Established in 1896, the chamber is itself the oldest business in Oceanside.
Tom York is a Carlsbad-based independent journalist who specializes in writing about business and the economy. If you have news tips you’d like to share, send them to email@example.com.